Now that Zynga (NASDAQ:ZNGA) has gone public in its recent IPO, there is more focus on this space and Glu Mobile might show up on more investors' buy lists.

In addition, Zynga could be make a logical buyer of Glu Mobile given its new cash hoard. This would establish Zynga in the mobile gaming space (It is the #1 developer in this area for the android platform).

The company is rapidly increasing revenues. It had sales of around $73mm in FY2011, but is expected to generate revenues of $84mm in FY2012 and $121mm in FY2013.

Although it is currently losing money, it is projected to earn 19 cents a share in FY2013.

It has easily beat earnings expectations in each of the last four quarters and Northland Securities just initiated an "Outperform" a little over a week ago.

The median price target for the five analysts that cover GLUU is $6, more than 40% above its current stock price.

The stock just crossed over its 200 day moving average and is showing good technical strength (See Chart)

Click to enlarge(Click to enlarge)

It has over $32mm in net cash on the balance sheet and showed positive operating cash flow in FY2009 and FY2010 despite negative net income.